The advanced world has entered an era characterized by massive overhang of public and private debt. Public debt to GDP levels in advanced countries as a whole already exceed our critical 90% threshold. Private debt, which in contrast to public debt shows a marked upward trend over the past few decades, remains near pre-crisis levels. The problem is exacerbated by the fact that among advanced countries, a record portion of the debt is owed to external creditors, which in general limits a government’s tools for forcing its creditors to absorb losses, either quickly or slowly through financial repression [...]